If it's clear that a move has some momentum behind it I sometimes use the 1-min chart to trail my stop until my profit target zone is reached at which point I tighten it up. Using the 1-min chart to trail, my rule of thumb is if a good strong move (like the pit open breakout this morning, or the bull flag failure from 11:00am ET a while ago) I trail the bars; if it's a more back-and-fill move, I use the 1-min 20-EMA as a guide.
CL Redux
- Thread starter schizo
- Start date
If it's clear that a move has some momentum behind it I sometimes use the 1-min chart to trail my stop until my profit target zone is reached at which point I tighten it up. Using the 1-min chart to trail, my rule of thumb is if a good strong move (like the pit open breakout this morning, or the bull flag failure from 11:00am ET a while ago) I trail the bars; if it's a more back-and-fill move, I use the 1-min 20-EMA as a guide.
When I trade counter to a strong trend for a pullback to a key level, I often have a hard target. With the trend I target each next support or resistance level in line to be tested, always expecting at least one new high or low from the previous one. This morning I took a re-entry long @ 106.02 for the next breakout and I had 60-min R levels noted from pre-market prep: 106.21 (that level made the trade worth taking IMHO), 106.46, 106.69, 106.78, 107.08, etc.
If a level breaks with conviction, I hold for the next one. This morning each level broke nicely, but 106.78 just didn't quite make it, so I exit approximately 10 ticks from the price that was either a weak break of a level, or a "close but no cigar" attempt at a level.
I do look at the 1 min chart for stop placement. However, the resistance points are often 20 + ticks away, something I'm uncomfortable with. The idea of entry using 1 min, anticipating a breakout together with a stop based on that time frame is v interesting. I'll definitely look into that, many thanks.
As for the moving a stop to b/e, your recommending only moving it once you see some reversal/ resistance? I've moving it once the trade has a certain amount of profits.
I would say we have seen HOD , at best we will see double top 106.60 ish thanks for chart
IV here's a link to the 5 min chart, but I think it is delayed about 15 mins. You can easily trade off of that though. Just speculate where it will be 15 mins ahead of the chart...........................kidding.
http://www.barchart.com/chart.php?s...ddindicator=&submitted=1&fpage=&txtDate=#jump
Well, I just wait to enter until the resistance points are much closer. My mantra is "don't mess around in the middle"--i.e., enter on bounces from (or breaks through) clear S/R.
